Using the Box–Cox transformation, we may specify an alternative to the Cobb–Douglas model as Using Zellner and Revankar’s data in Appendix Table F9.2, estimate α, βk, βl, and λ by using the scanning method suggested in Section 9.3.2. (Do not forget to scale Y, K, and L by the number of establishments.) Use (9-16), (9-12), and (9-13) to compute the appropriate asymptotic standard errors for your estimates, compute the two output elasticities, ∂ lnY/∂ ln K and ∂ lnY/∂ ln L, at the sample means of K and L.
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